5.0.-6.0. EDSR 03-11-2002 • Item 5. & Item 6.
City of
Elk -�-�
River
MEMORANDUM
TO: Mayor and Council
Economic Development Authority
FROM: Lori Johnson, Finance Director
DATE: April 8, 2002
SUBJECT: Public Hearing Regarding the Establishment of Project No. I
and Consider Resolution Approving Development Project and
Development Program
• Prior to calling for the sale of lease revenue bonds to finance construction of the public
safety and municipal utilities buildings,both the Economic Development Authority and the
City Council are required to hold a public hearing on Development Project No. 1 after
which each will consider a resolution approving the Development Project and Development
Program (collectively call the "Plans"). I want to stress that adoption of the Plans is not
final approval to issue bonds for this project, that action is scheduled for June after
construction bids are received. Monday's action is to consider the Development Project and
to take public comment on the Plans.
Attachments
The following items are attached for your review:
• Development Project No. 1 of the Elk River EDA Including Establishment of
Development Project Area and Adoption of its Development Program
• EDA Resolution Approving Development Project and Development Program (for
EDA consideration)
• Resolution of the Elk River City Council Approving Development Project and
Development Program (for City Council consideration)
• Information prepared by Ehlers and Associates
▪ Memo regarding Lease Revenue Bond Structure Options
Tax Impact for Public Facility Portion of the Lease Revenue Bonds
▪ A proposed Schedule of Lease Revenue Bonds (Option 2)
Bond Issue Schedule (including proposed dates for action by the Council and
• EDA)
• Resolution of the Elk River Planning Commission Concerning the Elk River
Economic Development Authority's Development Project Proposals
N
•
At Monday's meeting, the EDA and City Council will be considering Development Project
No. 1 of the Elk River Economic Development Authority including establishment of
development project area and adoption of its Development Program. In summary, this Plan
states that there is a need for development in the city and that it is necessary to provide
public safety and other government services. The Plan goes on to state that the
Development Project fits within the requirements of Minnesota Statutes. The Plan also
provides estimated development costs for the public safety and municipal utilities
construction projects and authorizes the issuance of bonds to finance the project costs. The
resolution to be considered on Monday night approves the Development Project and adopts
the Development Program. (Adoption of the resolution will allow the City to take future
action to issue bonds for this project.)
The attached memo from Sid Inman and Mark Ruff of Ehlers and Associates discusses the
structure of the debt payments and why the proposed structure is being recommended.
New tax impact data has been calculated based on the revised structure of the bonds. The
tax impacts are consistent with those presented earlier. Tax impact information will be
included in the next city newsletter so property owners can determine the affect this project
will have on their property taxes. Hopefully, the newsletter insert will be available for
distribution at Monday's meeting as well.
At both the EDA and City Council meetings, Sid Inman of Ehlers and Associates and I will
• give a brief presentation of the financing proposal in general and the specific action to be
taken now. Other public safety and ERMU representatives will also be available to answer
questions on the project.
Action Requested— EDA
The EDA is asked to hold a public hearing regarding the establishment of Development
Project No. 1 and consider a resolution approving the Development Project and
Development Program.
Action Requested— City Council
The City Council is asked to hold a public hearing regarding the establishment of
Development Project No. 1 and consider a resolution approving the Development Project
and Development Program.
•
Development Project No. 1
of the
Elk River Economic Development Authority,
Including Establishment of Development Project Area and
Adoption of its Development Program
April 8, 2002
• .
This document was drafted by: Briggs and Morgan (JOM)
Professional Association
2200 First National Bank
Building
332 Minnesota Street
Saint Paul, Minnesota 55101
Tel: (651) 223-6600
Fax: (651) 223-6450
•
1382791v1
Development Program for Development Project No. 1
and Establishment of the Development Project Area
Section 1.1. Definitions. The terms defined below, for purposes hereof, shall have the
following respective meanings, unless the context specifically requires otherwise. As used
herein, the term "development" includes redevelopment, and the term "developing" includes
redeveloping.
"City" means the City of Elk River, Minnesota.
"Council" means the Elk River City Council, the City's governing body.
"County" means Sherburne County, Minnesota.
"Development Program" means the Development Program for the Development Project,
hereby adopted, as the same may be amended.
"Development Project" means the EDA's Development Project No. 1 within the City,
hereby established, as the same may be amended. (Note: the initial Project Area is the City Hall
campus, being the property depicted on the attached Exhibit A.)
"Development Project Area" or "Project Area" means the real property within the City
constituting the Development Project, as amended.
"EDA" means the Elk River Economic Development Authority.
"Enabling Act" means Minnesota Statutes, Sections 469.090 to 469.108, and all other
powers and statutes referenced therein, including Minnesota Statutes, Sections 469.001 through
469.047 and 469.124 through 469.134.
"State" means the State of Minnesota.
Section 1.2. Background and Purposes. Pursuant to the Enabling Act, the City
established the EDA.
In establishing and maintaining the Development Project and adopting and implementing
the Development Program it is the EDA's purpose to benefit and/or achieve development areas,
goobjectives,als,
development costs,
and activities to the fullest extent permitted by
the Enabling
Act and other applicable law. It is hereby found that through such efforts the necessary
development of the City can be assisted and accomplished more consistently, efficiently, and
economically.
Pursuant to Section 469.094, Subdivision 2, of the Enabling Act, the EDA is authorized
to exercise the powers of a city with respect to a development district under Minnesota Statutes,
Sections 469.124 through 469.134, and the powers of a housing and redevelopment authority
under Minnesota Statutes, Sections 469.001 through 469.047, among other powers, and it is the •
intention of the EDA and the City that the EDA shall have and be permitted to exercise any and
all such powers, and all other powers provided pursuant to the Enabling Act, as may be deemed
•
1382791v1 1
• by A the EDto be necessary or appropriate for the development of the Development Project in
accordance with the Development Program.
The Development Program shall include such goals and activities as may be identified
and pursued pursuant to housing and redevelopment authority powers and development district
powers under Minnesota Statutes, Sections 469.001 through 469.047 and 469.124 through
469.134. Without limitation, these may include the promotion of and assistance to any"project"
within the meaning of Minnesota Statutes, Section 469.002, Subdivision 12, including without
limitation a "redevelopment project," as defined in Minnesota Statutes, Section 469.002,
Subdivision 14.
In addition, the EDA and the City hereby designate the Development Program as and
determine that it is a "redevelopment plan" within the meaning of Minnesota Statutes, Section
469.002, Subdivision 16, and a "development program" within the meaning of Minnesota
Statutes, Section 469.125, Subdivision 3.
Section 1.3. Statement and Finding of Public Purpose. The EDA finds that there is a
need for development within the City and the Development Project to provide necessary public
safety and other government services, to provide employment opportunities, to improve the local
tax base, and to improve the general economy of the City and the State. The sound development
of the economic security of the people in the City depends upon proper development of marginal
and other property, which includes property that meets any one of a number of conditions,
• including properties whose values are too low to pay for the public services required or rendered
and properties whose lack of use or improper use has resulted in stagnant or unproductive land
that could otherwise contribute to the public health, safety, and welfare.
The EDA and the City find that in many cases such property cannot be developed without
public participation and assistance in forms including property acquisition and/or write-down,
assistance in acquiring necessary streets or other public rights-of-way, proper planning, the
financing of land assembly in the work of clearance or development, and the making or financing
of various other public and private improvements necessary for and supportive of development.
In cases where deemed appropriate, the EDA and the City believe it to be in the public interest to
consider the exercise of its powers to advance and spend public money,and to provide the means
and impetus for such development.
The EDA and the City find that in certain cases property within the Development Project
would or may not be available for development without the specific financial aid or other
assistance to be sought, that the Development Program will afford maximum opportunity,
consistent with the needs of the City as a whole, for the development of the Development Project
by private enterprise and otherwise, and that the Development Program conforms to the general
plan for the development of the City as a whole.
The EDA and the City also find that the welfare of the City and the State requires the
active promotion, retention, attraction, encouragement, and development of economically sound
industry, commerce and public service facilities through governmental action for the purpose of
preventing the emergence of blighted and marginal lands and areas of chronic unemployment. It
shall also be the policy of the EDA to facilitate and encourage such action as may be necessary
1382791v1 2
economic deterioration of such areas to the point where the process can be •
to prevent the
reversed only by total redevelopment. Through the use of the powers conferred on the EDA
pursuant to the Enabling Act, promoting public service, economic, housing, industrial and
commercial development may prevent the occurrence of conditions requiring redevelopment and
prevent the emergence of factors contributing or giving rise to blight, marginal land, and
substantial and persistent unemployment.
Section 1.4. Statement of Objectives. The EDA seeks to achieve one or more of the
following objectives with respect to such property within the Development Project as the EDA
may determine and in such circumstances and upon such terms as the EDA may deem
appropriate or necessary from time to time:
(a) To promote and secure the prompt development of property within the
Development Project, including necessary governmental and other public service
facilities and public infrastructures and rights-of-way, in a manner consistent with
existing and applicable land use plans.
(b) To secure the prompt development of property in the Development Project
in order to (i) realize return on presently existing public investment in public utilities,
services, streets, and other infrastructures, (ii) prevent the emergence of or to help remedy
blight or blighting factors and (iii) promote retention and expansion of the City's housing
stock and other property tax base. •
(c) To assist such prompt development through the acquisition or write-down
of certain interests in property within the Development Project which is not now in
productive use or in its highest and best use, to make or defray the cost of demolition,
removal, remediation and/or soil corrections or other site improvements on said property,
and to construct or reimburse for the construction of public improvements and other
facilities on or for the benefit of said property,thereby promoting and securing the
development of other land within the Development Project. Such acquisition may occur
both through negotiation and the power of eminent domain, where deemed necessary to
achieve the desired goals and specific implementation of the Development Program.
(d) Through the implementation of this Development Program, to provide an
impetus for residential and other development desirable or necessary to accommodate
increased population within the City.
(e) To promote and secure additional employment opportunities within the
City, and the diversification thereof, and to prevent the loss of existing employment
opportunities, thereby preventing the loss of valuable human resources.
(f) To provide funding for an ongoing development strategy and to prioritize
the use of available resources.
(g) To implement and revise from time to time, as may be deemed necessary
or desirable, a consolidated and unified Development Program and to finance the •
associated development costs on a area-wide basis.
1382791v1 3
• (h) To employ any of theP owers of the EDA or the City for the benefit of the
Development Project in such cases and upon such terms as the EDA or the City may
deem appropriate.
(i) To construct or acquire public and other facilities deemed desirable for the
development of the Development Project.
(j) To promote redevelopment of blighted or marginal property.
Section 1.5. Establishment and Boundaries of the Development Project. The property
within the City which is hereby designated as and which shall initially constitute the
Development Project is the property shown on Exhibit A attached hereto. The EDA and the City
find that the Development Project, together with the objectives sought to be accomplished or
encouraged with respect to such property, constitutes a "development district" within the
meaning of Minnesota Statutes, Section 469.125, Subdivision 9, and a "redevelopment project"
within the meaning of Minnesota Statutes,Section 469.002, Subdivision 14, and that the
Development Program constitutes without limitation a "development program" within the
meaning of Minnesota Statutes, Section 469.125, Subdivision 3, and a "redevelopment plan"
within the meaning of Minnesota Statutes, Section 469.002, Subdivision 16.
Section 1.6. Estimated Development Costs. The Development Program shall include
the estimated public improvement and public development costs to be made or incurred within
the Project Area and financed in whole or in part by such City or EDA revenues as maybe
- available for such purposes. The Development Program shall specifically include the following
estimated costs of the development within the Project Area of facilities (1) for City Hall
expansion for the benefit of the Elk River Municipal Utility totaling approximately$1,000,000 in
currently estimated costs and (2) for public safety facilities, including police and fire totaling
approximately$8,000,000 in currently estimated costs.
Should bonding be required, for these public utility and public safety costs, as is
expected, issuance costs, capitalized interest, bond discount and other customary bonding costs
(development costs would also include interest on indebtedness incurred to pay such costs)
would be additional costs of the Development Program. The EDA may issue lease revenue
bonds or other obligations to assist in financing these various costs, in whole or in part.
•
138279!vl 4
EXHIBIT A
Development Project No. 1
of the Elk River Economic Development Authority
Initially, the Project Area consists of the Elk River City Hall campus, which includes the
following legally-described property:
Lots 1 and 2, Block 1;
Lots 1, 2 and 3, Block 2 ;
Lot 1, Block 3;
Outlets A, B, and C;
all in Gospodor's Orono Lake Addition, Sherburne County,
Minnesota .
•
138'_791v1
•
Extract of Minutes
of Meeting of the Elk River City Council
Pursuant to due call and notice thereof, a duly called and held regular or special meeting
of the Elk River City Council was held in the Elk River City Hall on April 8, 2002.
The following members of the Council were present:
and the following were absent:
During said meeting, introduced the
following Resolution and moved its adoption:
RESOLUTION NO. 02-
RESOLUTION APPROVING DEVELOPMENT PROJECT AND
• DEVELOPMENT PROGRAM
BE IT RESOLVED by the City Council (the "Council") of the City of Elk River,
Minnesota(the "City"), as follows:
•
Section 1. Recitals.
1.01. It has been proposed by the Elk River Economic Development Authority(the
"EDA") that the EDA establish its Development Project No. 1 (the "Project") and adopt the
Development Program for the Project to reflect public development and redevelopment costs and
activities, all pursuant to Minnesota Statutes, Sections 469.090 through 469.108, 469.001
through 469.047 and 469.124 through 469.134, respectively(collectively, the"Plans"); and all as
reflected in that certain document entitled in part "Development Project No. 1 of the Elk River
Economic Development Authority," dated as of April 8, 2002, and presented for the Council's
consideration. As used herein, the term "development" includes redevelopment.
1.02. The Council has been advised of the facts relating to the Plans.
1.03. The City has performed certain actions prior to the adoption and approval of the
Plans, including a review by the City Planning Commission of the Plans and the holding of a
Council public hearing thereon following at least 10 but not more than 30 days'prior published
notice thereof.
. Section 2. Findings for the Adoption and Approval of the Plans.
2.01. The Council hereby finds that the Plans are in the public interest.
1382791v1
•
2.02. The Council further finds that, based in part upon the nature of the subject
properties and the intended development thereof, the proposed development would constitute a
"redevelopment project" under Minnesota Statutes, Section 469.002, Subdivision 14 (in part
because the successful completion of planned or likely improvements in the Project is believed to
lessen or prevent emergence of factors, such as population downturn and resultant economic
stagnation, which may contribute to the emergence of blight); that the proposed developments
would not or could not occur solely through private investment within the reasonably foreseeable
future and that the land in the Project would not be made available for such redevelopment
without the aid to be sought and,therefore, the use of EDA powers is deemed necessary; that the
Plans conform to the general plan for the development or redevelopment of the City as a whole
because the proposed project is properly zoned or otherwise designated for the intended uses,
and the anticipated development is in furtherance of long range plans of the City for the
respective areas; and that the Plans will afford maximum opportunity consistent with the sound
needs of the City as a whole, for the development of the Project by private enterprise and
otherwise because they will enable the EDA to provide and finance suitable and necessary public
inducements and assistance.
2.03. The Council further finds that the Plans are intended and, in the judgment of this
Council, their effect will be, to promote the public purposes and accomplish the objectives
specified in the Development Program for Development Project No. 1.
Section 3. Approval and Adoption of the Plans.
•
3.01. The Plans, as presented to the Council on this date, including without limitation
the findings and statements of objectives contained therein, are hereby approved, ratified,
established, and adopted and shall be placed on file in the office of the City Clerk.
Adopted by the Elk River City Council on April 8, 2002.
•
1382791v1 2
CITY CLERK'S CERTIFICATE
I, the undersigned,being the duly qualified and acting City Clerk of the City of Elk
River, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and
foregoing extract of minutes of a duly called and regularly held meeting of the City Council of
said City held on the date therein indicated, with the original minutes thereof on file in my office
and I further certify that the same is a full,true, and correct transcript thereof insofar as said
minutes relate to the actions referenced therein with respect to Development Project No. 1 of the
Elk River EDA.
WITNESS My hand officially and the official seal of the City this day of
, 2002.
1111
City Clerk
City of Elk River, Minnesota
(SEAL)
•
1382791v1
•
ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.
RESOLUTION APPROVING DEVELOPMENT PROJECT AND
DEVELOPMENT PROGRAM
BE IT RESOLVED by the Board of Commissioners(the "Board") of the Elk River
Economic Development Authority(the "EDA") as follows:
Section 1. Recitals.
1.01. It has been proposed that the EDA establish its Development Project No. 1 (the
"Project") and adopt the Development Program for the Project to reflect public development and
redevelopment costs and activities, all pursuant to Minnesota Statutes, Sections 469.090 through
469.108, 469.001 through 469.047, and 469.124 through 469.134, respectively(collectively, the
"Plans"); and all as reflected in that certain document entitled in part "Development Project No. 1
of the Elk River Economic Development Authority," dated April 8, 2002, and presented for the
EDA's consideration. As used herein,the term "development" includes redevelopment.
1.02. The Board has investigated the facts relating to the Plans and has caused the Plans
to be prepared.
1.03. The EDA has performed certain actions required to be performed prior to the
adoption and approval of the Plans, including the holding by the Board of a public hearing
thereon. The EDA has also requested that the Elk River City Council hold a public hearing on
and thereafter consider approving the Plans.
Section 2. Findings for the Adoption and Approval of the Plans.
2.01. The Board hereby finds that the Plans are in the public interest.
2.02. The Board further finds that, based in part upon the nature of the subject
properties and the intended development thereof, the proposed development would constitute a
"redevelopment project" under Minnesota Statutes, Section 469.002, Subdivision 14 (in part
because the successful completion of improvements in the Project is believed to lessen or prevent
emergence of factors, such as population downturn and resultant economic stagnation, which
may contribute to the emergence of blight); that the proposed developments would not or could
not occur solely through private investment within the reasonably foreseeable future and,
therefore, the use of EDA powers is deemed necessary; that the Plans conform to the general
plan for the development or redevelopment of the City as a whole because the proposed project
is properly zoned or designated for the intended uses, and the anticipated development is in
furtherance of long range plans of the City for the respective areas; and that the Plans will afford
111 maximum opportunity consistent with the sound needs of the City as a whole, for the
development of the Project by private enterprise and otherwise because they will enable the EDA
to provide and finance suitable and necessary public inducements.
1382791v1 1
2.03. The Board further finds that the Plans are intended and, in the judgment of this •
Board, their effect will be, to promote the public purposes and accomplish the objectives
specified in the Development Program for Development Project No. 1.
Section 3. Approval and Adoption of the Plans.
3.01. The Plans, as presented to the Board on this date, including all findings and
statements therein, are hereby approved, established, and adopted.
Adopted by the Board of Commissioners of the Elk River Economic Development
Authority on April 8, 2002.
Commissioner moved the adoption of the foregoing resolution,
which motion was duly seconded by Commissioner , and upon
vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
•
•
1382791v1 2
• SECRETARY'S CERTIFICATE
I, the undersigned,being the duly qualified and acting Secretary of the Elk River
Economic Development Authority, DO HEREBY CERTIFY that I have carefully compared the
attached and foregoing extract of minutes of a duly called and regularly held meeting of the
Board of Commissioners of the EDA held on the date therein indicated with the original minutes
thereof on file in my office and that the same is a full, true, and correct transcript thereof insofar
as said minutes relate to the actions referenced therein with respect to the EDA's Development
Project No. 1.
WITNESS My hand officially this day of , 2002.
Secretary
• Elk River Economic
Development Authority
•
1382791v1
•
et EHLERS
-E , MEMORANDUM
DATE: April 2, 2002
TO: Lori Johnson, City of Elk River
FROM: Sid Inman and Mark Ruff
RE: Options for Lease Revenue(Public Project)Revenue Bonds for Municipal Facilities
We have discussed three different repayment structures for the proposed$8,000,000 Lease Revenue
Bonds for the municipal facilities. The term of the bonds is anticipated to be 20 years in all options. The
summary of the options are listed below:
1. Option l: Increasing debt service to match new growth expected in the City.
2. Option 2: Level debt service for the term of the bonds
3. Option 3: Lower debt service until the outstanding City Hall lease revenue bonds are retired
in 2010 with higher debt service during the remaining term.
All options would be accepted by the market,but relatively level debt service is more common. This is,
in part, a function of rating agency views on debt service. The rating agencies like to see more principal
amortized in the first 10 years of the debt. Debt which relies upon growth to meet the obligations is more
suspect in the rating agencies' conservative views because of the chance that the growth may not
materialize.
We are recommending that the City consider the Option 2 or level debt for the entire term of the bonds for
the following reasons:
l. The total interest cost is over$1,000,000 cheaper than either of the other options.
2. The rating agency concerns are lessened under Option 2.
3. The amount of proceeds available under the$8,000,000 option is higher than under Option 1
because the amount of debt service reserve which is necessary is lower with a level debt
service rather than an ascending debt service. Debt service reserves are a function of the
average annual debt service and maximum annual debt service.
4. Level debt allows the City to add additional debt for other capital needs over the next 10 to
15 years and utilize growth for those capital needs.
We look forward to discussing these issues with you and the Council on Monday.
•
City Of Elk River, MN
Analysis of Tax Impact for Potential Borrowing
April 3, 2002
Bond Issue Size (City Portion Only) $8,000,000
Type of Debt Lease Revenue Bonds
Est. Tax Capacity Rates (debt only)
Net Tax Capacity (FINAL - Pay 2002) 11,739,030.00
Annual Levy Increase 661,000.00
Increase in Tax Rate 5.630789%
Taxable Estimated Increase in Taxes
Type of Property Market Value for Debt Service Only
100,000 $56
125,000 $70
Residential 150,000 $84
Homestead 175,000 $99 •
200,000 $113
225,000 $127
250,000 $141
500,000 $521
Commercial/ 750,000 $802
Industrial 1,000,000 $1,084
1,500,000 $1,647
2,000,000 $2,210
S
Prepared by Ehlers&Associates, Inc. 4/3/2002
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RESOLUTION 02-01
RESOLUTION OF THE ELK RIVER PLANNING COMMISSION
CONCERNING THE ELK RIVER ECONOMIC DEVELOPMENT
AUTHORITY'S DEVELOPMENT PROJECT PROPOSALS
WHEREAS, the proposals made by the Elk River Economic Development Authority to establish
its Development Project No. 1 (the"Project")and adopt the Development Program
for the Project to reflect public development and redevelopment costs and activities;
all pursuant to Minnesota Statutes, Sections 469.090 through 469.108, 469.001
through 469.047, and 469.124 through 469.134, respectively (collectively, the
"Plans"), have submitted to the Elk River Planning Commission (the
"Commission"); and
WHEREAS, the Commission has reviewed the Plans to determine the consistency of the Plans
with the Comprehensive Plan of the City.
NOW, THEREFORE, BE IT RESOLVED by the Elk River Planning Commission that the
Plans are consistent with the Elk River Comprehensive Plan and the Commission recommends
approval of the Plans to the Elk River City Council.
Adopted this 26th day of March, 2002.
' (62j �
Mark Pederson
Chair
Attest:
XVIU
Recording Secretary
S:\PLANNING\RESOLUTI\Res02-01Ciry Hall.doc